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Argentina Inflation March 2016

Argentina: Buenos Aires inflation hits highest level in over a year in March

May 12, 2016

Consumer prices in March increased 3.3% over the previous month, according to the inflation index reported by the National Statistics Institute (INDEC) covering the city of Buenos Aires. The reading came in slightly below the 4.0% rise seen in the previous month. In March, inflation in the City of Buenos Aires was 35.0%. The figure was up from the 32.9% observed in the previous month and marked the highest reading in over a year.

As part of the overhaul, Argentina’s new government has recently reformed the country’s statistical office by changing the staff and methodology. The INDEC has announced that official figures of the national consumer prices index will not be available until later this year. As a result, in the meanwhile, the statistical office is reporting statistics for the city of Buenos Aires and the province of San Luis as a proxy to estimate the change in consumer prices.

Panelists surveyed for this month’s LatinFocus report expect official inflation of 29.1% at the end of 2016, which is up 1.5 percentage points from last month’s estimate. Panelists estimate that official inflation will end 2017 at 18.8%. The panel expects non-official inflation of 32.6% in 2016. Analysts see non-official inflation of 19.5% in 2017.

Author:Dirina Mançellari, Senior Economist

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According to the National Statistics Institute (INDEC), consumer prices in the greater Buenos Aires capital area rose 3.4% in December compared to the previous month, which was significantly above November’s 1.2% rise.